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Restricted Cash and Short-Term Deposits | 9 Months Ended
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Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract] |
Restricted cash and short-term deposits | RESTRICTED CASH AND SHORT-TERM DEPOSITS Our restricted cash and short-term deposits balances are as follows:
(in thousands of $) | September 30, 2024 | December 31, 2023
Restricted cash in relation to the FLNG Hilli (1) | 60,982 |  | 60,996 |
Restricted cash and short-term deposits held by lessor VIE (2) | 17,463 |  | 18,085 |
Restricted cash relating to the LNG Hrvatska O&M Agreement (3) | 12,568 |  | 12,083 |
Restricted cash relating to office lease | 1,012 |  | 1,081 |
Total restricted cash and short-term deposits | 92,025 |  | 92,245 |
Less: Amounts included in current restricted cash and short-term deposits | (17,463) |  | (18,115) |
Non-current restricted cash | 74,562 |  | 74,130 |
(1) In November 2015, in connection with the issuance of a $400 million letter of credit (“LC”) by a financial institution to the Customer of the FLNG Hilli, we recognized an initial cash collateral of $305.0 million to support the FLNG Hilli performance guarantee. Under the provisions of the LC, the terms allow for a stepped reduction in the value of the guarantee over time and a corresponding reduction to the cash collateral requirements. In May 2021, the FLNG Hilli had achieved 3.6 million tonnes of LNG production, reducing the LC to $100.0 million and the cash collateral to $61.0 million as of September 30, 2024. The cash collateral is expected to be restricted until the end of the LTA term. In November 2016, after we satisfied certain conditions precedent, the LC originally issued with an initial expiration date of December 31, 2018, was re-issued and automatically extends, on an annual basis, until the tenth anniversary of the acceptance date of the FLNG Hilli, unless the bank exercises its option to exit from the arrangement by giving a three months’ notice prior to the next annual renewal date. (2) These are amounts held by lessor VIE that we are required to consolidate under U.S. GAAP into our financial statements (note 11). (3) In connection with the LNG Hrvatska O&M Agreement, we are required to maintain two performance guarantees, one in the amount of $9.7 million (€9.1 million) and one in the amount of $1.3 million, both of which will remain restricted, inclusive of accrued interest, throughout the 10-year term until December 2030.

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- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. + References No definition available. + Details
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